Sovereignty, exchange rate and the Euro crisis
This paper presents an interpretation of the European crisis based on the balance of payments imbalances within the Eurozone and highlighting the role of the 'internal' real exchange rates as a primary cause of the crisis. It explores the structural contradictions that turn the Euro into a 'foreign currency' for each individual Eurozone country. These contradictions imply the inability of national central banks to monetize the public and private debts, which makes the Euro crisis a sovereign crisis similar to those typical of emerging countries, but whose solution presents additional obstacles.
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- Se-Eun Jeong & Jacques Mazier & Jamel Saadaoui, 2010.
"Exchange Rate Misalignments at World and European Levels: a FEER Approach,"
CEPII research center, issue 121, pages 25-58.
- Se-Eun Jeong & Jacques Mazier & Jamel Saadaoui, 2010. "Exchange Rate Misalignments at World and European Levels: a FEER Approach," Post-Print halshs-00435836, HAL.
- Luiz Carlos Bresser-Pereira & Paulo Gala, 2009. "Why Foreign Savings Fail to Cause Growth," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 38(3), pages 58-76, September.
- Gala, Paulo & Pereira, Luiz C. Bresser, 2008. "Why foreign savings fail to cause growth," Textos para discussão 159, FGV/EESP - Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
- Hein, Eckhard, 2012. "Finance-dominated capitalism, re-distribution and the financial and economic crises - a European perspective," MPRA Paper 35903, University Library of Munich, Germany.
- Hein, Eckhard, 2012. "Finance-dominated capitalism, re-distribution and the financial and economic crises: A European perspective," IPE Working Papers 14/2012, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
- Luiz Bresser-Pereira, 2012. "Summing Up Structuralist Development Macroeconomics and New Developmentalism," Challenge, M.E. Sharpe, Inc., vol. 55(5), pages 59-78, September.
- Michael D. Bordo & Harold James, 2013. "The European Crisis in the Context of the History of Previous Financial Crises," NBER Working Papers 19112, National Bureau of Economic Research, Inc.
- Pereira, Luiz C. Bresser, 2014. "The access to demand," Textos para discussão 366, FGV/EESP - Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
- Sebastian Dullien & Barbara Fritz & Laurissa Mühlich, 2013. "Regional Monetary Cooperation: Lessons from the Euro Crisis for Developing Areas?," World Economic Review, World Economics Association, vol. 2013(2), pages 1-1, February. Full references (including those not matched with items on IDEAS)
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